At the beginning of the day, the euro was paid at the opening to 8.49 quetzals on average, which meant a rise of 2.47% compared to 8.29 quetzals the previous day.
Referring to the profitability of the last seven days, the euro recorded a 2.19% increase; but in year-on-year terms it still continues to fall by 7.76%. If we compare the data with past days, it puts a stop to two sessions in a row with a negative trend. In the last week, volatility was 18.7%, which is visibly higher than the annual volatility figure (12.29%), indicating that it shows greater changes than the general trend in value.
In the last year, the euro has even changed by a high of 8.80 quetzals, while its lowest level has been 8.17 quetzals. The euro is closer to its maximum than its low.
The quetzal is the legal tender used in Guatemala and was created when the Monetary Law enacted in 1924 was issued, when then-President José María Orellana ordered the replacement of the Guatemalan peso.
The Guatemalan currency is currently divided into one hundred cents and was initially worth 10 cents above the US dollar until in 1980 it fell to par, recovering months later.
Currently, the quetzal is equivalent to 7.50 units per US dollar and 9.25 units per euro, making it one of the 30 monetary units in Ibero-America and the world to be one of the most unchanged.
The body in charge of regulating the creation of the currency is the Bank of Guatemala, and today coins of 5, 10, 25 and 50 cents of quetzal and 1 quetzal are known, while 1, 5, 10, 20, 50, 100 and 200 quetzals circulate in banknotes.
In its attempts to reduce the production costs of coins, the administration has sought to introduce coins with different materials such as opting for steel instead of nickel or brass-plated steel.
According to official figures, the Guatemalan government has assured that the Gross Domestic Product (GDP) grew by 7.5% at the end of 2021, a growth not seen for 40 years.
On the other hand, the International Monetary Fund (IMF) expects that by 2022 the Guatemalan economy will continue with a favorable performance driven in part by foreign trade, remittances from the United States and a considerable drop in inflation.
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